iStock/ ArtJazz
4 September 2018Insurance

Sompo International unveils new unit in Luxembourg

Bermuda specialty re/insurer Sompo International Holdings has unveiled a new subsidiary in Luxembourg, which will cover business written in Continental Europe and have branches in Belgium, France, Germany, Italy, Spain and the UK.

SI Insurance (Europe) will issue insurance policies and reinsurance treaties for new and renewal business in Continental Europe. Sompo International will maintain its presence in the Lloyd’s market, its London-based underwriting platform and its Zurich reinsurance operation.

The company said that European Economic Area policy issuance for multi-national insurance clients will continue to be serviced from London via the UK branch of SI Insurance (Europe).

The company said it has launched the new unit because it believes it will provide Sompo International with a foundation for additional strategic growth initiatives across Europe. Earlier this year, the company introduced a European Specialty business to partner with brokers across Continental Europe, initially offering a suite of professional liability and transaction risk insurance products.

John Charman, chairman and CEO of Sompo International, said: “We continue to focus on delivering exceptional service to our international clients in areas where we can differentiate Sompo based on our specialty capabilities. It is critical that we have an established local presence in key Continental European markets as we introduce additional underwriting teams and innovative products to this region.”

Graham Evans, CEO of London Market & Europe Insurance for Sompo International, added: “I am delighted to announce this exciting milestone which provides clear and timely definition of our post-Brexit capabilities for clients around the world. Our broker network can rest assured that they will have continued access to our full suite of Sompo International products and capabilities through their chosen channel of distribution.”

Takashi Kurumisawa, CEO of SI Insurance (Europe), added: “Our clients and brokers across Continental Europe are reacting very positively to Sompo International’s commitment to the European market. With SI Insurance (Europe) beginning to operate well ahead of Brexit, we have a long-term solution in place to deliver consistently high quality service and uninterrupted capacity for clients across the European Economic Area.”

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More on this story

23 April 2018   Bermuda re/insurer Sompo International has secured regulatory approvals from the Ministry of Finance of Luxembourg to establish a new subsidiary in the country – a move it made to deal with the UK leaving the European Union.
6 September 2018   Bermuda-based re/insurer Sompo International Holdings is launching a global financial and professional lines platform encompassing insurance and reinsurance capabilities.
2 October 2018   Bermuda-based specialty property and casualty re/insurer Sompo International has launched a global risk control services function within its insurance business.